Grantham: 40 flood deaths feared

The community of Grantham expects the death toll in their area to soar in the next few days.

Flood waters battered the small town and residents are not holding out hope for many people still missing.

"There are still dozens of people that haven't been found. After experiencing first-hand the ferocity of the water that came through here ... it's unlikely they are still alive," one woman told the Queensland Times.

"It's awful to say that. They are our friends and family, but we need to face the facts."

The official death toll in the Lockyer Valley is 15.

Flood levels are subsiding in Ipswich will exceed the AU$100 million mark according to Mayor Paul Pisasale.

Residents were able to return to evacuated homes today to survey damage.

Meanwhile, Queensland Premier Anna Bligh says public transport in South East Queensland will be free from today to help the recovery effort.

"Our public transport network is vital to the region's recovery," Ms Bligh said.

"Many people don't have cars, and many others have lost them in the floods.

"We want to help as much as possible and making the network free for a week will keep unnecessary cars off the road, help people do some shopping and get around to help others if needed."

Minister for Transport Rachel Nolan asked people to use the free transport for assisting the flood recovery.

"Let me be clear. This isn't a ticket to rubberneck. It remains the case that non-essential travel is not encouraged," she said.